Chen, Kaiji; Gao, Haoyu; Higgins, Patrick; Waggoner, … - 2020
We study the impacts of the 2009 monetary stimulus and its interaction with infrastructure spending on credit … allocation. We develop a two-stage estimation approach and apply it to China's loanlevel data that covers all sectors in the … (SOEs) over non-SOEs in credit access. Infrastructure investment driven by nonmonetary factors, however, enhanced the …